With all of the kidnappings, beheadings, and executions of foreigners, why would you want to live in Mexico right now?
It's beyond my comprehension why anyone would put themselves into this type of risky situation.
Honestly, I hope you have an epiphany and leave Mexico for a safer place in South America or other central American countries. I've been to Mexico several times and don't get it. Just my opinion.
Greetings from Mexico City
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Christopherjart
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Christopherjart
- Posts: 191
- Joined: Sun Apr 29, 2012 2:03 am
- Contact:
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Christopherjart
- Posts: 191
- Joined: Sun Apr 29, 2012 2:03 am
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Just a quick update.
Although I did pay double (2 of the 3 bedrooms in the apartment) in June, a friend recommended me to two friends from Venezuela who just came to Mexico to start fresh here. Yes, they need to find work, but they did pay me 1 month of rent and 1 month of deposit. I'm charging them 1750 a month and including water, internet, gas, electricity and cleaning supplies (including toilet paper) in the cost. I just thought it would be simpler to do that than to have to ask one or the other for money for a common expense.
If I'm lucky I won't have to spend all of the 483 pesos extra per month and can save it for a washing machine. A friend suggested the idea a couple months ago since I spend money each money to have someone wash and dry my clothes. A washer would probably would pay for its self in savings in a year if I can get one that is cheap (4000 pesos or less).
Additionally on the expense side of things I'm going to continue to offer to share my bedroom as well. That'd be 5 people living in 3 bedrooms with one bathroom, but I think it would be fine even if we have to schedule our bathroom time on weekdays. Yeah I know it would "only be 633 pesos" a month in savings which is pocket change to most here, but it would really add up fast for me!
My food expenses and transportation expenses combined are averaging about 110 pesos a day. (Better than the initial 150 a day) I really can't get it down much more without really getting unhappy. I really like having a variety of fresh vegetables and to be able to buy a tostada or some tacos in the street. I like buying some soda (even if it isn't good for me). I tried carrying a bottle of water filled at home, but my back starts to hurt from the additional weight.)
My income is still low. Due to the loss of the morning classes. My income is projected to be around 11,500 in July (instead of around 16,000 before) I will have to do some marketing and advertise a little to get my food in the door somewhere else in the mornings. I want to get my income back up.
I still don't know if ERE is about reducing expenses or increasing income. I think it is only about reducing expenses when you are making a good salary from the start or really can live right by where you work (which would require a stable formal job).
What do you think?
Although I did pay double (2 of the 3 bedrooms in the apartment) in June, a friend recommended me to two friends from Venezuela who just came to Mexico to start fresh here. Yes, they need to find work, but they did pay me 1 month of rent and 1 month of deposit. I'm charging them 1750 a month and including water, internet, gas, electricity and cleaning supplies (including toilet paper) in the cost. I just thought it would be simpler to do that than to have to ask one or the other for money for a common expense.
If I'm lucky I won't have to spend all of the 483 pesos extra per month and can save it for a washing machine. A friend suggested the idea a couple months ago since I spend money each money to have someone wash and dry my clothes. A washer would probably would pay for its self in savings in a year if I can get one that is cheap (4000 pesos or less).
Additionally on the expense side of things I'm going to continue to offer to share my bedroom as well. That'd be 5 people living in 3 bedrooms with one bathroom, but I think it would be fine even if we have to schedule our bathroom time on weekdays. Yeah I know it would "only be 633 pesos" a month in savings which is pocket change to most here, but it would really add up fast for me!
My food expenses and transportation expenses combined are averaging about 110 pesos a day. (Better than the initial 150 a day) I really can't get it down much more without really getting unhappy. I really like having a variety of fresh vegetables and to be able to buy a tostada or some tacos in the street. I like buying some soda (even if it isn't good for me). I tried carrying a bottle of water filled at home, but my back starts to hurt from the additional weight.)
My income is still low. Due to the loss of the morning classes. My income is projected to be around 11,500 in July (instead of around 16,000 before) I will have to do some marketing and advertise a little to get my food in the door somewhere else in the mornings. I want to get my income back up.
I still don't know if ERE is about reducing expenses or increasing income. I think it is only about reducing expenses when you are making a good salary from the start or really can live right by where you work (which would require a stable formal job).
What do you think?
My journey is going well. The goal I established in 2008 was to be FI in about 6 to 8 years. I'm on track so far. The expat assignment in Mexico should help and get me to the finish line. When I'm done I'm not sure what I'll do (stop working, go part time, volunteer)..
You're been in Mexico a long time. I'm just starting, about 4 months now in Guadalajara.
Regarding your expenses. I think you have a nice, economical housing situation when your roomates are contributing. Overall your costs are very frugal. In my opinion your challenge is in revenue not so much as cost reduction. You hit the nail on the head when you said Marketing is what you need to focus on.
Saludos!
Carlos
You're been in Mexico a long time. I'm just starting, about 4 months now in Guadalajara.
Regarding your expenses. I think you have a nice, economical housing situation when your roomates are contributing. Overall your costs are very frugal. In my opinion your challenge is in revenue not so much as cost reduction. You hit the nail on the head when you said Marketing is what you need to focus on.
Saludos!
Carlos
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Christopherjart
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Hi Carlos and Bigato,
While I've only tried for early retirement in the last few months since I've heard of the concept, I've always tried to keep housing costs low. Most people I know of the same income level pay double will pay more than I pay because they opt for a nicer neighborhood or a place with parking, etc.
The problem is that I really don't have any more services to cut unless I went without internet. I use a cell phone for work, but I don't have a phone at the apartment.
I'll keep trying to do both (Income and expenses).
I just did my budget for this month. I'll be lucky to save 40%.
While I've only tried for early retirement in the last few months since I've heard of the concept, I've always tried to keep housing costs low. Most people I know of the same income level pay double will pay more than I pay because they opt for a nicer neighborhood or a place with parking, etc.
The problem is that I really don't have any more services to cut unless I went without internet. I use a cell phone for work, but I don't have a phone at the apartment.
I'll keep trying to do both (Income and expenses).
I just did my budget for this month. I'll be lucky to save 40%.
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Christopherjart
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Christopherjart
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- Joined: Sun Apr 29, 2012 2:03 am
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I've averaged 40% of my income deposited to investment accounts the last few months and I feel good about that considering how varied my expenses have been. This last month a little over 50%.
My new roommates from the beginning of the month are leaving. One went back to Venezuela last night and the other well at least he said he was leaving. I had to spend about 150 pesos for advertisements I put on a website looking for roommates. I had placed one for sharing my not-so-big bedroom and another for their room and I got flooded for requests for sharing my room and a few for the available room. I thought it would be the opposite, but I guess I am not the only one wanting to spend very little on rent and other household bills.
After only two days of advertisement, I found one person to share my room with two potential people if he doesn't work out and this morning a cool guy I showed the available-at-end-of-month bedroom confirmed that he wants to share and will pay on the first (wednesday) so I'm very excited that I will pay even less. I'm including basic expenses in the rent I'm asking so I won't have to bother them for money for the different bills. If I'm lucky, I'll be able to set aside some of that to buy new kitchen stuff. It mostly comes down to how much gas is used for their cooking and hot water for bathing. anyway, I'm thrilled I'll be able to keep saving for ERE or semi-retirement. (when I have to pay more housing, I don't really have any money left to save.)
On another note, I applied for a special account at Banamex's Blink service. It is an affordable (only 5000 pesos are required to open an account) "online" banking system. It includes a contract that allows buying stocks in the BMV (bolsa mexicana de valores) and stock funds (national and international) I obviously can't buy American or Canadian individual stocks through them since I'm not a qualified investor.
It has taken them all week just to complete the initial account approval and I still have to set up some kind of home visit before I can access the account, but probably by next weekend that will be taken care of.
I'd love to find a resource for picking dividend stocks for the BMV. I'd also like to know if I should buy real estate/home construction companies right now. They don't give much if any dividend but their p/e is around 10.
I'd like to buy stock from one company each month. The fees are 1.7% to trade, but there are no other account fees for maintaining the funds. There was an optional 100 peso/month for market data, but I figure I should be able to get that from free sites and that would eat up any earnings so I didn't select that.
I really need to find a guide for stock newbies since I can't use the dogs of the dow... The principal index for the BMV is the IPC. Indice de Precios y Cotizaciones. I need a dogs of the IPC list that's accurate.
My new roommates from the beginning of the month are leaving. One went back to Venezuela last night and the other well at least he said he was leaving. I had to spend about 150 pesos for advertisements I put on a website looking for roommates. I had placed one for sharing my not-so-big bedroom and another for their room and I got flooded for requests for sharing my room and a few for the available room. I thought it would be the opposite, but I guess I am not the only one wanting to spend very little on rent and other household bills.
After only two days of advertisement, I found one person to share my room with two potential people if he doesn't work out and this morning a cool guy I showed the available-at-end-of-month bedroom confirmed that he wants to share and will pay on the first (wednesday) so I'm very excited that I will pay even less. I'm including basic expenses in the rent I'm asking so I won't have to bother them for money for the different bills. If I'm lucky, I'll be able to set aside some of that to buy new kitchen stuff. It mostly comes down to how much gas is used for their cooking and hot water for bathing. anyway, I'm thrilled I'll be able to keep saving for ERE or semi-retirement. (when I have to pay more housing, I don't really have any money left to save.)
On another note, I applied for a special account at Banamex's Blink service. It is an affordable (only 5000 pesos are required to open an account) "online" banking system. It includes a contract that allows buying stocks in the BMV (bolsa mexicana de valores) and stock funds (national and international) I obviously can't buy American or Canadian individual stocks through them since I'm not a qualified investor.
It has taken them all week just to complete the initial account approval and I still have to set up some kind of home visit before I can access the account, but probably by next weekend that will be taken care of.
I'd love to find a resource for picking dividend stocks for the BMV. I'd also like to know if I should buy real estate/home construction companies right now. They don't give much if any dividend but their p/e is around 10.
I'd like to buy stock from one company each month. The fees are 1.7% to trade, but there are no other account fees for maintaining the funds. There was an optional 100 peso/month for market data, but I figure I should be able to get that from free sites and that would eat up any earnings so I didn't select that.
I really need to find a guide for stock newbies since I can't use the dogs of the dow... The principal index for the BMV is the IPC. Indice de Precios y Cotizaciones. I need a dogs of the IPC list that's accurate.
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Christopherjart
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I had the visit at home with the Blink representative to sign a tall pile of contracts and other legal documents for opening my account which as I described earlier is a mostly online account with debit card and brokerage account. I made my initial deposit at Banamex yesterday afternoon and was able to log in last night. The separate debit from investment funds, still I was able to confirm that I can buy individual Mexican stocks as well as mutual funds.
While I was alone at home yesterday I was looking through Yahoo Respuestas search results for CETES and how to invest in them, I saw one answer mentioning cetesdirecto, a website that was started in late 2010 or perhaps early 2011 allowing people who live in Mexico to buy CETES, Bonos, Bondes and Udibonos directly from the government without any fees! This is much better than any bank savings account and better than most high-minimum balance savings accounts (which would require more money than I have in savings).
Best of all one can start with just 100 pesos. CETES are short term starting at 28 days. Bonos pay interest every 6 months and I think start at 3 years and go up to 30 years. Bondes are variable rate, pay monthly and are for 5 years. Udibonos are based on UDIS but pay a lower initial rate.
I was so excited that that website was started, I opened an account last night and set up a direct deposit twice a month of 100 pesos from my Blink to get started. I know 4-5.x% isn't as good as most stocks, but I'd like to start having some fixed income and have my emergency fund money almost catch up with inflation (which is about 5% now). *does a happy dance*
While I was alone at home yesterday I was looking through Yahoo Respuestas search results for CETES and how to invest in them, I saw one answer mentioning cetesdirecto, a website that was started in late 2010 or perhaps early 2011 allowing people who live in Mexico to buy CETES, Bonos, Bondes and Udibonos directly from the government without any fees! This is much better than any bank savings account and better than most high-minimum balance savings accounts (which would require more money than I have in savings).
Best of all one can start with just 100 pesos. CETES are short term starting at 28 days. Bonos pay interest every 6 months and I think start at 3 years and go up to 30 years. Bondes are variable rate, pay monthly and are for 5 years. Udibonos are based on UDIS but pay a lower initial rate.
I was so excited that that website was started, I opened an account last night and set up a direct deposit twice a month of 100 pesos from my Blink to get started. I know 4-5.x% isn't as good as most stocks, but I'd like to start having some fixed income and have my emergency fund money almost catch up with inflation (which is about 5% now). *does a happy dance*
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Christopherjart
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Just a quick update:
Work:
demand for classes is still below that of when I joined the forum by about 30% or so. A friend said he'd recommend me for classes and I've had a few people ask for prices, but nothing new.
Expenses:
I'm still spending about 70 pesos/day on food and about 30 pesos/day on transportation. Housing still looks low since there are 5 of us in a cheap 3 bedroom apartment (I'm managing the other roommates) A new roommate who moved in last month still hasn't paid this month so I will probably have to cover his rent and kick him out, but I'll see if he pays on the 15-16th first. The roommate I'm sharing with and the roommate sleeping in the living room's rent will cover the actual rent cost of the one room which is one reason why I decided to share my room and let the other one stay.
The roommate who sleeps in the living room stopped complaining that I need to pay for more things. I guess he got bored trying so he can stay. At least he pays. Anyway, my actually housing cost now is around 400 pesos if all the roommates pay as they should if not it is basically about 1267 like before. I added a page in my Google Docs budget to add household expenses at least when I pay for a new tank of gas for the water heater or kitchen since I charge a little more than rent to cover basic expenses I of course have to pay those basic expenses. I like not having to ask for money for every little thing.
This month due to ongoing low income, I started washing my clothes by hand (again). I'm not good at it and it takes me forever, but I did reduce the pile of dirty clothes by at least half and if I can keep up with it, I won't take anything other than blankets to the lavanderia until I can get my income back up to a level where I can sustainably save at least 50% of my income every month with irregular expenses.
So basically, my expenses in order are Food, housing, transportation, and less than 500/month/avg DVDs, ibuprofen, and other random supplies. Yes, everything I mention is in pesos.
Even with my very low income, I still saved 48% of my income in August. ( of course, to most of you that would be pocket change, but I feel very good about it!)
I could make spending improvements only in food. Everything else really is bare minimum for comfort. I still need to buy bunk-beds for my room hopefully this weekend.
Networth:
I started tracking networth info based on a spreadsheet posted here in the forum. Including my meager regular retirement money (which is currently 59% of my savings, I'm at 105,548 pesos (excluding rent deposit). With almost 60% of my "networth" untouchable except for special circumstances, I admit I'm a little nervous about my personal finances though the next 12 months. I only have one month's normal expenses in cash and about half of new savings in 28 day CETES and the rest in dividend stocks and direct bond purchases.
I had spent over a week reading about asset allocation to figure out how much in percent to put in cetes, bonds, stocks, and cash and decided that while my savings are still low, I'm not going to worry about percentages and just divide it up into the different accounts with more emphasis on 28 day cetes the rest of this year (comparable to t-bills) as a replacement for my cash emergency fund.
Work:
demand for classes is still below that of when I joined the forum by about 30% or so. A friend said he'd recommend me for classes and I've had a few people ask for prices, but nothing new.
Expenses:
I'm still spending about 70 pesos/day on food and about 30 pesos/day on transportation. Housing still looks low since there are 5 of us in a cheap 3 bedroom apartment (I'm managing the other roommates) A new roommate who moved in last month still hasn't paid this month so I will probably have to cover his rent and kick him out, but I'll see if he pays on the 15-16th first. The roommate I'm sharing with and the roommate sleeping in the living room's rent will cover the actual rent cost of the one room which is one reason why I decided to share my room and let the other one stay.
The roommate who sleeps in the living room stopped complaining that I need to pay for more things. I guess he got bored trying so he can stay. At least he pays. Anyway, my actually housing cost now is around 400 pesos if all the roommates pay as they should if not it is basically about 1267 like before. I added a page in my Google Docs budget to add household expenses at least when I pay for a new tank of gas for the water heater or kitchen since I charge a little more than rent to cover basic expenses I of course have to pay those basic expenses. I like not having to ask for money for every little thing.
This month due to ongoing low income, I started washing my clothes by hand (again). I'm not good at it and it takes me forever, but I did reduce the pile of dirty clothes by at least half and if I can keep up with it, I won't take anything other than blankets to the lavanderia until I can get my income back up to a level where I can sustainably save at least 50% of my income every month with irregular expenses.
So basically, my expenses in order are Food, housing, transportation, and less than 500/month/avg DVDs, ibuprofen, and other random supplies. Yes, everything I mention is in pesos.
Even with my very low income, I still saved 48% of my income in August. ( of course, to most of you that would be pocket change, but I feel very good about it!)
I could make spending improvements only in food. Everything else really is bare minimum for comfort. I still need to buy bunk-beds for my room hopefully this weekend.
Networth:
I started tracking networth info based on a spreadsheet posted here in the forum. Including my meager regular retirement money (which is currently 59% of my savings, I'm at 105,548 pesos (excluding rent deposit). With almost 60% of my "networth" untouchable except for special circumstances, I admit I'm a little nervous about my personal finances though the next 12 months. I only have one month's normal expenses in cash and about half of new savings in 28 day CETES and the rest in dividend stocks and direct bond purchases.
I had spent over a week reading about asset allocation to figure out how much in percent to put in cetes, bonds, stocks, and cash and decided that while my savings are still low, I'm not going to worry about percentages and just divide it up into the different accounts with more emphasis on 28 day cetes the rest of this year (comparable to t-bills) as a replacement for my cash emergency fund.
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Christopherjart
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It is time for another rambling update.
I put 51% of my income this month (of $12,075 yes everything is always in pesos so yes, if you are new to my thread, I am poor. ) in different investments part in my CetesDirecto account as CETES, part as a 30 year bond and some as international funds mostly emerging markets in my investment account. My BMV selections are still up by around 14% so the market must still like Mexican companies. of course all the international investing is keeping CETES below inflation which is still officially below 5% for the year. (although food is probably around 8%)
I have been having problems with one of my English groups, I was 12 minutes late entering class so they decided they wouldn't attend that class and that I needed to give them another class later to make up for it so I told them no and that this Tuesday they can find a new teacher. I also had started a class for one of the students of that group and her husband at a big discount and I told them they can continue at the normal price if they wish. In effect I lost about one third of my income for this next month. It was really stressing me out though and if I let this group get away with canceling at the last minute they'd tell other groups and they'd start doing it too.
The good thing is that now I only have to make the hour and a half trip to Atizapan on Tuesdays and Fridays. I'll also be home by 6pm both days. With the problem group I got home about 9:40 on Tuesdays. I still have a Monday morning class about an hour away by bus or subway and a Thursday morning class also about an hour away. Remember Mexico City is a megacity, so only an hour away is good. More than an hour is bad. I'm open to starting new groups since an even lower income means that even with roommates and sharing rooms, etc, it will be even harder to save without the income from those two groups. In any case, my remaining classes will cover all my essential bills so I have no reason to touch my investments or emergency money in November.
One of my roommates mentioned (last month) the possibility of working in the area he supervises doing data entry and other admin assistant work. I said that it would be good since I'd be making about the same money plus have benefits like vacation, but he still hasn't told me when they'll be having interviews so it is hard to say if it is true or not. I hope so. Having a regular office type job 5 days a week and classes before or after work or on Saturdays would be great! Yeah, if that happens I'd have to leave most or all remaining groups in Atizapan, but I could look for new groups near his office in Polanco.
One roommate is still behind one money. He promised to pay what he owes me from last month tomorrow and to be caught up tomorrow. Another needs to pay me tomorrow too so lets hope the follow through. The one who was sharing my room left to share with his university classmates and a new person should be moved in next week. I hope this new one can stay a while longer.
My net worth (using valuations of different investment accounts + cash) is at $116,884 (yes as always in Pesos) I know that is pocket change for most of you but I'm very happy. It went up about 3,000 in existing investment value since the stock market went up and about 6,000 in earned income contributions I made from being so frugal.
55% of my networth is in retirement accounts. It was at 67% in April. I expect November and December Net worth to be flat or to go down a little since most classes are canceled after the 12th of December and they don't start back until January 6th. It all depends on the new potential job and any art/design income I can make.
I put 51% of my income this month (of $12,075 yes everything is always in pesos so yes, if you are new to my thread, I am poor.
) in different investments part in my CetesDirecto account as CETES, part as a 30 year bond and some as international funds mostly emerging markets in my investment account. My BMV selections are still up by around 14% so the market must still like Mexican companies. of course all the international investing is keeping CETES below inflation which is still officially below 5% for the year. (although food is probably around 8%)I have been having problems with one of my English groups, I was 12 minutes late entering class so they decided they wouldn't attend that class and that I needed to give them another class later to make up for it so I told them no and that this Tuesday they can find a new teacher. I also had started a class for one of the students of that group and her husband at a big discount and I told them they can continue at the normal price if they wish. In effect I lost about one third of my income for this next month. It was really stressing me out though and if I let this group get away with canceling at the last minute they'd tell other groups and they'd start doing it too.
The good thing is that now I only have to make the hour and a half trip to Atizapan on Tuesdays and Fridays. I'll also be home by 6pm both days. With the problem group I got home about 9:40 on Tuesdays. I still have a Monday morning class about an hour away by bus or subway and a Thursday morning class also about an hour away. Remember Mexico City is a megacity, so only an hour away is good. More than an hour is bad. I'm open to starting new groups since an even lower income means that even with roommates and sharing rooms, etc, it will be even harder to save without the income from those two groups. In any case, my remaining classes will cover all my essential bills so I have no reason to touch my investments or emergency money in November.
One of my roommates mentioned (last month) the possibility of working in the area he supervises doing data entry and other admin assistant work. I said that it would be good since I'd be making about the same money plus have benefits like vacation, but he still hasn't told me when they'll be having interviews so it is hard to say if it is true or not. I hope so. Having a regular office type job 5 days a week and classes before or after work or on Saturdays would be great! Yeah, if that happens I'd have to leave most or all remaining groups in Atizapan, but I could look for new groups near his office in Polanco.
One roommate is still behind one money. He promised to pay what he owes me from last month tomorrow and to be caught up tomorrow. Another needs to pay me tomorrow too so lets hope the follow through. The one who was sharing my room left to share with his university classmates and a new person should be moved in next week. I hope this new one can stay a while longer.
My net worth (using valuations of different investment accounts + cash) is at $116,884 (yes as always in Pesos) I know that is pocket change for most of you but I'm very happy. It went up about 3,000 in existing investment value since the stock market went up and about 6,000 in earned income contributions I made from being so frugal.
55% of my networth is in retirement accounts. It was at 67% in April.
I expect November and December Net worth to be flat or to go down a little since most classes are canceled after the 12th of December and they don't start back until January 6th. It all depends on the new potential job and any art/design income I can make.-
George the original one
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Christopherjart
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taxes depend on the type of investment. Taxes on earned income I count after taxes.
I suppose you could say I have 17-18 months of living expenses saved assuming that I keep sharing my bedroom and the other rooms and have one using the living room, but that would also suppose that all my savings are available in 19 months and that isn't true. There are a lot of ifs involved. If for some reason I had to pay more rent or all the rent, my expenses would go up by 3,000 a month.
55% is in retirement accounts so there goes about 10 months of expenses.
about half of my cetesdirecto savings is in medium and long term (up to 30 year) bonds so I'll only have the interest payments available. I'd I'd have to pay taxes on the interest payments.
If I had to sell my stocks and mutual funds I could end up with a loss and I'd lose almost 2 percent in transaction fees and have to pay taxes on capital gains the moment I sell them.
I think I only have 1.5 months of expenses in cash and equivalent. Perhaps 7-8 months of very humble living if I sold my stocks and fund money.
I suppose you could say I have 17-18 months of living expenses saved assuming that I keep sharing my bedroom and the other rooms and have one using the living room, but that would also suppose that all my savings are available in 19 months and that isn't true. There are a lot of ifs involved. If for some reason I had to pay more rent or all the rent, my expenses would go up by 3,000 a month.
55% is in retirement accounts so there goes about 10 months of expenses.
about half of my cetesdirecto savings is in medium and long term (up to 30 year) bonds so I'll only have the interest payments available. I'd I'd have to pay taxes on the interest payments.
If I had to sell my stocks and mutual funds I could end up with a loss and I'd lose almost 2 percent in transaction fees and have to pay taxes on capital gains the moment I sell them.
I think I only have 1.5 months of expenses in cash and equivalent. Perhaps 7-8 months of very humble living if I sold my stocks and fund money.
MMMmmm....earn extra money....could you teach the local schoolkids english???
Say as a private group and charge maybe 15 pesos a one hour lesson with a minumum group of say 10 students....you could teach it in the house eliminating the commute...maybe even if you got enough students be able to turn one of the bedrooms into a classroom??
Also if you're an artist and can draw quickly go to those modeling audtions and draw quick caricatures of your fellow actors...sell them to them for a couple of pesos...or better offer to do a portrait. I bet they'd go for it in a heartbeat...in my experience most actors are very narcissistic and would love a painted portrait.
Say as a private group and charge maybe 15 pesos a one hour lesson with a minumum group of say 10 students....you could teach it in the house eliminating the commute...maybe even if you got enough students be able to turn one of the bedrooms into a classroom??
Also if you're an artist and can draw quickly go to those modeling audtions and draw quick caricatures of your fellow actors...sell them to them for a couple of pesos...or better offer to do a portrait. I bet they'd go for it in a heartbeat...in my experience most actors are very narcissistic and would love a painted portrait.
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Christopherjart
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No Christopher I don't mean work for slave wages...and not trying to be cricical or sound mean...but if I am doing my math right your currently working for around 350 pesos an hour actual time with clients.
When you divide the commute time and outside meals into it...say an hour each way and what?? 40 pesos to eat out??...aren't you down to the equivalent of just over 100 pesos an hour?? As the job effectively occupies 3 hours???
Adding in all these seemingly unrelated (they are related just people don't think about them) expenses and unpaid time preparing (the commute) to get the true number of hours you work and figuring your "true hourly wage" is a principle directly out of "Your Money Or Your Life" as well as something anyone with an accounting degree like me or owns a small business..used too..will do. You must figure in everything in order to determine if you are making a profit or if its even worth doing.
In my suggestion I factored out the commuting time and eating out and at the same time ASSUMED 10 pesos an hour was affordable for the economic class of the area you have chosen to live in....I don't know....could they afford 20 pesos an hour...30??? and remember I assumed classes had to be a minimum of 10 people.
If they can afford 30 that puts you back to making the same as with your other clients with no commuting expenses.
If you can make 300 pesos an hour without any commuting wouldn't a client with a one hour commute each way (eating up three hours time) have to pay 900 pesos an hour to be equal???
Also they could be taught at night when you are free as accoriding to the times in your post you usually visit clients only during the day.
When you divide the commute time and outside meals into it...say an hour each way and what?? 40 pesos to eat out??...aren't you down to the equivalent of just over 100 pesos an hour?? As the job effectively occupies 3 hours???
Adding in all these seemingly unrelated (they are related just people don't think about them) expenses and unpaid time preparing (the commute) to get the true number of hours you work and figuring your "true hourly wage" is a principle directly out of "Your Money Or Your Life" as well as something anyone with an accounting degree like me or owns a small business..used too..will do. You must figure in everything in order to determine if you are making a profit or if its even worth doing.
In my suggestion I factored out the commuting time and eating out and at the same time ASSUMED 10 pesos an hour was affordable for the economic class of the area you have chosen to live in....I don't know....could they afford 20 pesos an hour...30??? and remember I assumed classes had to be a minimum of 10 people.
If they can afford 30 that puts you back to making the same as with your other clients with no commuting expenses.
If you can make 300 pesos an hour without any commuting wouldn't a client with a one hour commute each way (eating up three hours time) have to pay 900 pesos an hour to be equal???
Also they could be taught at night when you are free as accoriding to the times in your post you usually visit clients only during the day.
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sheepstache
- Posts: 19
- Joined: Fri Nov 02, 2012 2:39 am
If I may go back to the idea of teaching spanish to english speakers: Could you associate with some hotels or hostels? I stayed at a hostel in south america that had a spanish tutor who would help you with "survival spanish", one or two sessions that would be based on your current level of spanish, maybe teaching you like 'Donde esta la metro' if you were truly newb or just boosting your confidence if you had some book-learning but not much practice with accents.
You name UNAM as the competition but they've got a set schedule, not only class times but duration--a lot of people visit Mexico just on holiday, not for a semester. Also the admission process is probably confusing for a casual visitor. And you could offer cultural enrichment that they couldn't, like giving students hands-on experiences like walking them through how to find and order at a restaurant.
Do you have specialization in any other field? Being bilingual might not guarantee a salary on its own, but if you have a strong vocabulary in the medical field or something, that seems like it could get you into a better paying niche.
Your housing situation makes me nervous because flaky roommates could wipe out significant savings quite quickly. It also sounds like a big headache to deal with. I have zero idea about the rental market there but could you find a room for rent or like an apartment where the arrangement is between each renter and the landlord? That's not the common way of doing it in New York but it happens to have been the situation for my last two apartments. When somebody moved out, I would do the legwork to advertise and pre-screen roommates since, you know, I was going to have to live with them, but then they would get a final interview with the landlady and if it were ever the case that I couldn't find somebody, the landlady would have to do it, and a roommate being late on rent just meant a number of nagging phone calls from the landlady asking me to lean on them, not financial responsibility for their share.
In general I would say your situation seems like something I would rather do after FI, but in a way that's a compliment. It seems like a neat lifestyle and if you enjoy it and can put aside some savings while doing it, that's great. But it sounds like you're stressed by work (aside from whether it's getting you closer to ERE), is that true? Out of curiousity, what's your plan after retirement?
You name UNAM as the competition but they've got a set schedule, not only class times but duration--a lot of people visit Mexico just on holiday, not for a semester. Also the admission process is probably confusing for a casual visitor. And you could offer cultural enrichment that they couldn't, like giving students hands-on experiences like walking them through how to find and order at a restaurant.
Do you have specialization in any other field? Being bilingual might not guarantee a salary on its own, but if you have a strong vocabulary in the medical field or something, that seems like it could get you into a better paying niche.
Your housing situation makes me nervous because flaky roommates could wipe out significant savings quite quickly. It also sounds like a big headache to deal with. I have zero idea about the rental market there but could you find a room for rent or like an apartment where the arrangement is between each renter and the landlord? That's not the common way of doing it in New York but it happens to have been the situation for my last two apartments. When somebody moved out, I would do the legwork to advertise and pre-screen roommates since, you know, I was going to have to live with them, but then they would get a final interview with the landlady and if it were ever the case that I couldn't find somebody, the landlady would have to do it, and a roommate being late on rent just meant a number of nagging phone calls from the landlady asking me to lean on them, not financial responsibility for their share.
In general I would say your situation seems like something I would rather do after FI, but in a way that's a compliment. It seems like a neat lifestyle and if you enjoy it and can put aside some savings while doing it, that's great. But it sounds like you're stressed by work (aside from whether it's getting you closer to ERE), is that true? Out of curiousity, what's your plan after retirement?
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Christopherjart
- Posts: 191
- Joined: Sun Apr 29, 2012 2:03 am
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well, I decided to have roommates because I couldn't find a single room with bathroom or shared that was reasonable. When they rent out rooms to people instead of an entire apartment they charge more per room to cover flaky roommates and the cost of looking for replacements, etc.
It doesn't make much sense to me to pay 30-50% more per room and then not have a living room or kitchen to access. Yes I wouldn't have to deal with charging roommates and paying water and electricity, but those bills aren't really very high. It isn't lifestyle to me. it is necessity since I have a low income not a high one like most people here. As I had mentioned before I wish I had done this earlier. It really is amazing how much your money can last when you have roommates even if they are late or one doesn't pay and you have to kick them out.
Teaching English or Spanish is a little limited. I have never met a tourist who wants to take Spanish class from someone who isn't a native speaker, but yeah I need to be open to the possibility. I finally updated my resume (C.V.) in Spanish and I'll be doing the same to the English version. I can't really go to an interview without it. I was surprised to discover that the last time I had updated it was in 2003! I made an online version for monster.com in Spanish for mexico. I don't know if I can make a separate English version on that site.
"In general I would say your situation seems like something I would rather do after FI, but in a way that's a compliment. It seems like a neat lifestyle and if you enjoy it and can put aside some savings while doing it, that's great. But it sounds like you're stressed by work (aside from whether it's getting you closer to ERE), is that true? Out of curiousity, what's your plan after retirement?"
well savings are just there since I'm reducing my housing cost. What I'm charging them isn't covering my part.
yes, I'm very stressed by work. I enjoy teaching, but having to take long trips to and from offices and irregular schedules make it frustrating. It would be nice to have more regular hours or students who didn't cancel so much.
It is also related to the goal of ERE too irregular hours freelancing isn't very easy it really shocks me people would quit high salaried jobs with benefits to do freelancing when it is much more work without benefits.
What will I do if I ever "retire"? I want to travel, work full time on creating art and design like I do now part time. I want to take yoga classes and have a regular exercise schedule.
It doesn't make much sense to me to pay 30-50% more per room and then not have a living room or kitchen to access. Yes I wouldn't have to deal with charging roommates and paying water and electricity, but those bills aren't really very high. It isn't lifestyle to me. it is necessity since I have a low income not a high one like most people here. As I had mentioned before I wish I had done this earlier. It really is amazing how much your money can last when you have roommates even if they are late or one doesn't pay and you have to kick them out.
Teaching English or Spanish is a little limited. I have never met a tourist who wants to take Spanish class from someone who isn't a native speaker, but yeah I need to be open to the possibility. I finally updated my resume (C.V.) in Spanish and I'll be doing the same to the English version. I can't really go to an interview without it. I was surprised to discover that the last time I had updated it was in 2003! I made an online version for monster.com in Spanish for mexico. I don't know if I can make a separate English version on that site.
"In general I would say your situation seems like something I would rather do after FI, but in a way that's a compliment. It seems like a neat lifestyle and if you enjoy it and can put aside some savings while doing it, that's great. But it sounds like you're stressed by work (aside from whether it's getting you closer to ERE), is that true? Out of curiousity, what's your plan after retirement?"
well savings are just there since I'm reducing my housing cost. What I'm charging them isn't covering my part.
yes, I'm very stressed by work. I enjoy teaching, but having to take long trips to and from offices and irregular schedules make it frustrating. It would be nice to have more regular hours or students who didn't cancel so much.
It is also related to the goal of ERE too irregular hours freelancing isn't very easy it really shocks me people would quit high salaried jobs with benefits to do freelancing when it is much more work without benefits.
What will I do if I ever "retire"? I want to travel, work full time on creating art and design like I do now part time. I want to take yoga classes and have a regular exercise schedule.